IMPACT OF INNOVATIVE STRATEGIES ON LONG-TERM SUSTAINABILITY AND GROWTH: EVIDENCE FROM THE PHARMACEUTICAL INDUSTRY IN THE MIDDLE EAST

Abstract

This study analyses the effect of continuous innovative strategies in the shortrun via life cycle management (LCM) strategies and the longrun via Open InnovationOI strategies, on companies’ sustainability and growth.We verify that innovative strategies primarily influence pharmaceutical companies' long-term sustainability and growth. We use a qualitative method based on multiple case studies of8 pharmaceutical manufacturers in Lebanon and the UAE in 2023-2025.This research providesevidence that a direct relationship existsbetween innovation and long-term sustainability and growth, and reveals a new dimension, the diversification of LCM and open innovation strategies, as a key driver of sustainability and growth,which reduces risk to current and future performance.

This research emphasizes that the continuous use of innovative strategies enhances a firm's resource base by optimizing product life cycles and minimizing risks. This research investigates the successful development and deployment of LCM strategies by pharmaceutical companies of diverse sizes, particularly in the Middle East. It examines as well the role of open innovation OI in fostering long-term growth and sustainability in the area, aiming to provide practical insights for firms to overcome regulatory, commercial, and resource-based challenges for enduringcompetitiveness and risk mitigation.